SINGAPORE (Aug 26): KTL Global, the offshore services firm, announced that its executive chairman has received a letter from the Commercial Affairs Department (CAD) dated Aug 23 to assist with an investigation.

The investigation is being conducted into a possible offence under the Penal Code, Chapter 224 pursuant to the provisions of the Criminal Procedure Code.

For the purposes of its investigation, the executive chairman was interviewed by the CAD on Thursday. The group’s directors have also received requests for interviews by the CAD.

To recap, the group’s CEO Tan Kheng Yeow was interviewed by the Monetary Authority of Singapore (MAS) earlier in November 2017 and was requested to surrender his passport.

Tan has since resigned from his position and was replaced by his brother Tan Kheng Kuan.

The group’s CFO Ng Kok Peng was also interviewed by the CAD in July 2018 in relation to the investigations.

In addition, KTL’s subsidiary, STL Offshore surrendered to its landlord SB (Pioneer) Investment all its estate, interest, right and title in, under and arising from the lease in relation to its previous registered office at 71 Tuas Bay Drive and the premises at 61 Tuas Bay Drive.

See: KTL Offshore surrenders estates, interests, rights to landlord

In an SGX filing issued on Friday, the group said that the CAD did not give any further details of its investigations. And that its business and operations are not affected by the investigations and will continue as normal.

The group also understands that its directors or management staff may be required to attend further interviews to assist in this investigation.

Shares in KTL Global last traded at 1.9 cents on Friday.